JPMorgan Chase & Co. said Tuesday it will add 500 branches and 3,500 employees by 2027, as the largest bank in the United States bucks the trend of layoffs and bank closures.
All told, Chase
JPM,
said it will renovate 1,700 locations and add 500 more including new markets.
The plans include three new Community Center branches in Columbus, Ohio; and the New York boroughs of the Bronx and Brooklyn.
Chase will grow its presence in locations such as Boston, Charlotte, N.C., Washington, Minneapolis and Philadelphia.
Chase is already the only bank with branches in all 48 of the lower states.
The bank’s latest branch expansion move comes after it opened more than 650 new branches in the past five years. The company added that all First Republic branches that the bank acquired last year will be converted either to Chase branches or JPMorgan wealth-management centers.
“When this expansion is completed Chase will have added more than 1,100 branches and hired more than 10,500 employees to its Consumer Bank team since 2018, significantly enhancing the customer experience,” the bank said.
JPMorgan Chase’s total company headcount stood at 309,926 as of Dec. 31. That’s up from 308,669 at the end of the third quarter and 300,066 at the end of the second quarter.
Nationally, the number of bank branches from FDIC-insured banks fell to 79,186 in 2022 from 99,550 in 2009, according to the National Bureau of Economic Research.
Overall, branch density has fallen to 9.2 locations per $1 billion in deposits in 2022, from its earlier density of 20 locations per $1 billion in deposits in 2010, the NBER said.
JPMorgan Chase’s stock is up 2.8% so far in 2024, compared to a 3.6% rise by the S&P 500
SPX.
